Financials Shougang Fushan Resources Group Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:28 2024-05-24 am EDT			5-day change	1st Jan Change
3.41 ^HKD	-0.58%		+5.90%	+18.40%

Mar. 29	Shougang Fushan Resources Posts 30% Profit Drop for 2023	MT
Mar. 27	Shougang Fushan Resources Group Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 26 July 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,907	9,194	13,337	12,579	14,189	16,801	-	-
Enterprise Value (EV) ¹	3,621	4,788	6,550	6,291	14,189	6,792	5,798	5,089
P/E ratio	7.81 x	8.83 x	5.25 x	4.63 x	7.65 x	9.82 x	9.78 x	11.4 x
Yield	10.2%	9.07%	15.2%	17.3%	-	7.44%	7.19%	4.9%
Capitalization / Revenue	2.3 x	2.3 x	1.88 x	1.53 x	2.41 x	3.01 x	2.95 x	3.23 x
EV / Revenue	0.94 x	1.2 x	0.93 x	0.77 x	2.41 x	1.22 x	1.02 x	0.98 x
EV / EBITDA	1.63 x	2.19 x	1.38 x	1.16 x	3.62 x	2.13 x	1.82 x	2 x
EV / FCF	2.79 x	13.1 x	3.43 x	1.82 x	-	3.64 x	2.87 x	3.35 x
FCF Yield	35.8%	7.61%	29.1%	55%	-	27.5%	34.8%	29.9%
Price to Book	0.57 x	0.58 x	0.77 x	0.75 x	-	1 x	0.98 x	0.96 x
Nbr of stocks (in thousands)	5,301,838	5,051,838	5,051,838	5,051,838	4,926,838	4,926,838	-	-
Reference price ²	1.680	1.820	2.640	2.490	2.880	3.410	3.410	3.410
Announcement Date	3/26/20	3/25/21	3/24/22	3/23/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,869	3,997	7,076	8,215	5,891	5,584	5,695	5,194
EBITDA ¹	2,221	2,186	4,736	5,415	3,924	3,190	3,178	2,542
EBIT ¹	1,510	1,525	4,064	4,520	3,048	2,610	2,518	1,691
Operating Margin	39.01%	38.17%	57.43%	55.03%	51.74%	46.74%	44.21%	32.55%
Earnings before Tax (EBT) ¹	1,633	1,613	4,132	4,626	3,219	2,934	2,931	2,511
Net income ¹	1,140	1,080	2,538	2,715	1,889	1,733	1,730	1,488
Net margin	29.47%	27.02%	35.88%	33.05%	32.07%	31.03%	30.38%	28.65%
EPS ²	0.2151	0.2062	0.5025	0.5375	0.3766	0.3472	0.3488	0.2987
Free Cash Flow ¹	1,298	364.4	1,909	3,462	-	1,868	2,017	1,519
FCF margin	33.55%	9.12%	26.98%	42.14%	-	33.45%	35.42%	29.25%
FCF Conversion (EBITDA)	58.45%	16.67%	40.31%	63.93%	-	58.56%	63.46%	59.76%
FCF Conversion (Net income)	113.83%	33.74%	75.2%	127.5%	-	107.79%	116.59%	102.07%
Dividend per Share ²	0.1720	0.1650	0.4000	0.4300	-	0.2537	0.2453	0.1670
Announcement Date	3/26/20	3/25/21	3/24/22	3/23/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	5,286	4,406	6,787	6,288	-	10,008	11,003	11,712
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,298	364	1,909	3,462	-	1,868	2,017	1,519
ROE (net income / shareholders' equity)	7.34%	6.85%	15.3%	15.9%	-	10.1%	9.66%	7.79%
ROA (Net income/ Total Assets)	5.34%	5.03%	11%	11.3%	-	8.13%	7.89%	7.34%
Assets ¹	21,360	21,453	23,107	24,122	-	21,307	21,936	20,275
Book Value Per Share ²	2.960	3.130	3.420	3.320	-	3.400	3.470	3.550
Cash Flow per Share ²	0.3600	0.1600	0.7600	-	-	0.6200	0.6700	-
Capex ¹	624	467	495	386	-	383	277	258
Capex / Sales	16.13%	11.69%	7%	4.69%	-	6.86%	4.87%	4.97%
Announcement Date	3/26/20	3/25/21	3/24/22	3/23/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.41 HKD

Average target price

3.378 HKD

Spread / Average Target

-0.95%

	1st Jan change	Capi.
SHOUGANG FUSHAN RESOURCES GROUP LIMITED	+18.40%	2.15B
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